Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russia Boasts Record Oil Production in 2013
9.01.2014 23:07
Russia Boasts Record Oil Production in 2013
Photo Credit: http://www.arb.ca.gov

Russia has increased oil production to a record level in 2013, says a governmental report.

      According to Energy Minister Alexander Novak, oil output totaled 523.2 million tonnes, 4.5 million tonnes more than in 2012.

      The figure is higher than the initial forecast of 505-510 million tonnes, he said at a meeting in the Kremlin.

      Much of the credit for the record production volume goes to tax breaks that encourage development of new fields and hard-to-recover reserves, he added.

      Among Russia’s major oil companies are LUKOIL, Gazprom Neft, Rosneft, Tatneft, Bashneft, Surgutneftegas, and others. Rosneft has become the world's leading publicly traded oil producer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 billion barrels of oil equivalent.

      The upbeat statement comes at a time of disturbingly poor performance by the national economy.

      GDP growth dropped to a meager 1.4 percent in 2013. In June 2013, Alexey Ulyukayev replaced Andrey Belousov as Economic Development Minister, but has so far failed to kick-start the economy.

      According to the IMF, Russia’s prospects “have been dampened by a weak external environment, some acceleration of capital outflows and declining equity prices and subdued investment”.

      Industrial output has been flat, and the privatization campaign announced earlier by the Medvedev cabinet has stalled amid a bleak economic outlook and reluctance of state corporations’ management to share their revenues and power with foreign players. 




Author: Mikhail Vesely

Tags: Rosneft Russian oil companies Yukos   

Next Previous


You might also find interesting:

Freedom Buys American Broker
22.12.2020
Central Bank: Economic Decline in Russia in the Third Quarter was 3.6 %
23.11.2020
The Digital Ruble may Come into Circulation in Russia in Three - Seven Years
23.10.2020
Half of Moscow Fitness Clubs may Go Bankrupt by the End of the Year
16.12.2020
The State Duma Approved Imprisonment for Libel on the Internet in the First Reading
22.12.2020



comments powered by Disqus




Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share


TAGS:
Sultanna Frantsuzova  Tver  Mercedes-Benz Fashion Week Russia  EU sanctions  Rusian Culture  Russian economy  buy Russian designers  Sheremetyevo Airport  St. Petersburg  Festivals in Moscow  Solaris  Russian souvenirs  Spartak Moscow  Exhibitions in Moscow  Yevgeny Roizman  Moscow  MAKS-2015  terrorism  Heroism   Svetlana Alliluyeva  Vostok Energy  Woodwork  Russian art  airport transfer in Russia  Britney Spears  Russian cuisine  Zaryadye Park  Photo Exhibitions  Vympelcom  Russian airlines  Russian Orthodox Church  Vladimir Bortko  Fairs in Moscow  Online Events for Free  Nord Stream 2  BULTHAUP Design Gallery  Russian Cinema  Russian business  South Korea  book hotel in Sochi  Russian tourism  Waste Disposal  Perm Region  City Hunter  Alexei Navalny  travel to Russia  Rostov-on-Don  Dima Yakovlev  Faberge  Russian language 


Travel Blogs
Top Traveling Sites